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Couple Goal: Tony Elumelu and His Wife Make Almost N1bn in 8 Hours From One Investment
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Couple Goal: Tony Elumelu and His Wife Make Almost N1bn in 8 Hours From One Investment

by  Dave Ibemere 2 min read
  • Tony Elumelu and his wife, Awele Elumelu, continue to demonstrate the importance of marrying a partner who shares the same vision
  • In just eight hours, the couple made almost N1 billion from their investment in Transnational Corporation of Nigeria (Transcorp)
  • Elumelu is a banker and serial investor, while Awele is an accomplished healthcare executive who has distinguished herself in her field

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In a remarkable display of business acumen and strategic investment, Tony Elumelu, a renowned Nigerian businessman and Chairman of Transnational Corporation of Nigeria (Transcorp), along with his wife, Awele Elumelu, made an impressive financial gain of N889.885 million on Tuesday, June 13, 2023.

This significant increase came as the value of Transcorp shares soared on the Nigerian Exchange(NGX).

Tony Elumelu and wife
Tony Elumelu and his wife are top shareholders in Transcorp Photo credit: Tony Elumelu
Source: Facebook

On Tuesday, the company's share price rose to N3.22, marking a substantial increase from the starting price of N3.15 on Friday, June 9.

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The notable surge in share price resulted in Tony and his wife's value of shares in Transcorp rising by 2.24% to N40.48 billion from the opening value of N39.59 billion.

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How the couple made their money

Tony has 10.5 billion shares in Transcorp, making him the company's largest single shareholder. The value of his shares at 9:30 am on Tuesday, June 13, when the market opened, was N33.07 billion.

However, by the end of trading at 2:30 pm on the same day, Tony's share value had increased to N33.81 billion.

Similarly, Awele owns 2.08 billion shares (2,070,794,804) in Transcorp, making her the third-largest single shareholder.

On Tuesday, as the stock market rallied to a 15-year high, the value of her shareholdings reached an impressive N6.67 billion, compared to N6.52 billion as of Friday, June 9.

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Elumelu's wife buys more Transcorp shares

In a similar report, Awele Elumelu, the wife of Tony Elumelu, has bought N6 billion worth of shares in Transcorp.

The investment makes her the third-largest shareholder, which helps the family have a firm grip on the company.

Transcorp Group is one of Nigeria's leading Conglomerates with investments in the hospitality, power, and oil & gas sectors.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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